UK property sales predicted to soar by 10% as buyer and seller returns

Posted on March 4, 2024   |  

In February, the property market saw more activity as buyers and sellers returned, with expectations of a 10% increase in home sales this year.

Agreed sales rose by 15%, and buyer demand increased by 11% compared to February 2023.

The market is projected to reach 1.1 million transactions this year, up from 1 million in 2023.

While overall UK prices dipped by 0.5% year-on-year, different regions experienced varying trends.

Prices went up in Scotland, Northern Ireland, Wales, the Midlands, and the north of England, but fell in the south, with Belfast seeing a 4.3% increase and the east of England experiencing a 2.1% drop.

Affordability issues due to rising mortgage rates and living costs particularly impacted regions with higher prices, contributing to the decline in those areas.